The Commerce Department reported that total construction spending in February rose by 0.1% this week, but the more-recent monthly Construction MMI® registered a value of 87 for April, a decrease of 2.2 percent from 89 in March as banks remained wary of funding construction projects without stringent collateral even as the construction season swings into its traditional heavy period on the eastern seaboard.
A proposed $7.5 billion construction project that includes building a liquefaction terminal, a pipeline and a power facility in Coos Bay, Ore., reached a key milestone with conditional authorization from the Department of Energy to export to countries with which the U.S. does not have free trade agreements. The project is expected to generate thousands of construction jobs and it might just impact national construction figures because of its sheer size.
The monthly Construction MMI® registered a value of 87 in April, a decrease of 2.2 percent from 89 in March.
Chinese H-beam steel prices fell 3.8 percent to $530.77 per metric ton. After rising the previous month, weekly US Midwest bar fuel surcharge prices dropped 2.3 percent to $0.55 per mile. The price of European 1050 aluminum drifted 1.1 percent lower to $2,826 per metric ton. US shredded scrap prices decreased by 1.0 percent this month, ending at $391.00 per short ton. Chinese rebar fell 0.3 percent to $533.99 per metric ton.
After a 0.9 percent increase, the weekly US Rocky Mountain bar fuel surcharge finished the month at $0.55 per mile.
At a price of $156.01 per dry metric ton, the Chinese low price of 62% Australian iron ore fines did not budge the entire month. At a price of $2,284 per metric ton, Chinese aluminum bar did not budge the entire month. The weekly US Gulf Coast bar fuel surcharge experienced a quiet month, staying around $0.52 per mile.
The Construction MMI® collects and weights 9 metal price points used within the construction industry to provide a unique view into construction industry price trends over a 30-day period. For more information on the Construction MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.